Values Can be Found in Nevada Foreclosures
Photo by Jeff Belmonte
Nevada is among the states most significantly harmed by the glut of foreclosures. The 57.800 Nevada foreclosures available for purchase, at an average listing price of $122,600, really show the dire situation Nevada’s housing market is in.
To make matters worse, Nevada’s rate of unemployment has reached 14.9%, the worst in the US. The economy started with mining as the primary industry, but over many decades has become based on tourism. Outside Nevada’s major metropolitan areas, agriculture and mining continue to provide a significant portion of the state’s economic revenue.
In spite of their problems in the foreclosure market, there has been some decrease in the number of foreclosures listed for sale on the market. The following displays findings from three significant areas of the state:
* The number of Henderson foreclosures fell by 4.08% during the last month. There are currently 6,424 foreclosed homes for sale at an average price of $163,500. Henderson is in Clark County and is in the greater Las Vegas area.
* The number of Carson City foreclosures fell by 6.25% last month. There are currently 457 foreclosed homes for sale at an average price of $128,700. Carson City is the capital of Nevada and is in the Lake Tahoe area of the state.
* The number of Sparks foreclosures fell by 7.41% last month. There are currently 1,491 foreclosed homes for sale at an average price of $137,000. Sparks is just outside Reno.
* The number of Las Vegas foreclosures fell by 8.46% last month. There are currently 33,063 foreclosed homes for sale at an average price of $114,700.
* The number of North Las Vegas foreclosures fell by 11.86% last month. There are currently 7,918 foreclosed homes for sale in this city at an average price of $104,303.
The attractions of Nevada include world-class entertainment and tourism facilities. Nevada has become known as the destination for conventions and business meetings. With many well-appointed hotels, golf courses, rooms and other facilities, Nevada has become on the U.S.’s most popular tourist destinations.
However, other things attract people to this state. Skiing and boating in the Lake Tahoe area are world class as well. Lake Mead is another place where fishing, water skiing and other outdoor activities are available. Since Lake Mead is only a short drive from Las Vegas, many city dwellers as well as visitors to Las Vegas come out there to enjoy a respite from the city.
For young families looking to buy a home, now may be the best time to look into Nevada foreclosures. Prices are low while interest rates are even lower.
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